EXCO Resources borrows remaining $88 million under revolving facility

By Marisa Wong

Morgantown, W.Va., Sept. 7 – EXCO Resources, Inc. borrowed about $88 million under its amended and restated credit agreement dated July 31, 2013 with JPMorgan Chase Bank, NA as administrative agent. The amount borrowed represents the remaining undrawn amount available under the revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The funds are intended to be used for general corporate purposes.

As of Sept. 7, the date of the latest draw, the aggregate principal amount of borrowings under the revolver is about $150 million, including letters of credit.

The new borrowings initially bear interest at 6.5%.

The company’s current cash balance is roughly $145 million, the filing noted.

EXCO is a Dallas-based oil and natural gas exploration and production company.

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